To dread retirement

[citygirl1961]

I know a lot of people are looking forward to retirement but I dread it.

After thirty five years of working in the Civil Service I am due to retire in three years time which I know will pass quickly.

I work full time, always have done. I am divorced and live on my own, bills and rent to pay, don't own my own home.

I know I will get a good pension but I still worry about finances as I know I won't get housing benefit with getting a good work pension.

Not only do I worry about finances and not being able to afford to do things, I worry about being bored. I suffer from depression and anxiety and being at work keeps me busy and helps to take my mind off things.

People I know you've retired say they don't know how they found time to go to work and say they have more money than they had before, but then you've got more time on your hands to spend it. I have plenty of friends and like meeting up for lunch and coffees. I'd go mad if I couldn't do that.

Does anyone else feel this way? I just can't embrace the thought of it at all.

You make no reference to a partner, children, , hobbies, interests,

Part time job?

do you have to retire now? Wait another 5 years?

Do you have to retire if you'd rather keep working?

Why are you thinking of retiring given you rent? What’s your pension situation like?

how old are you?

Partially retire instead.

Why don't you just semi-retire and reduce your hours first? Perhaps going part-time would help you ease into full retirement more easily?

Also, no-one is saying you have to retire just because you have reached retirement age, have they? Surely you can just keep on working if you want to?

Do you have to retire from your current role? If you do could you take up some voluntary work? What interests you? I get charities near you would welcome your skills and your willingness to be busy.

Keep working! My DH recently started a new FT job after retiring at state pension age (he's deferred that pension as it increases the value, and taken his old workplace pension). If you enjoy working and are fit and well, keep working.

Are your friends a similar age to you? If so, will they be retiring as well? You can go for coffee or lunch together during the week. Youcan still meet up eith work people, and when they have to go back to work after lunch, you can go to the park or the library. You can find a new hobby or do some WEA courses. You could join the U3A and meet loads of new people, and it isn't expensive. You can finally get that puppy and spend time training and walking him. If you are into crafty stuff, find a big project and use it as your "kicking off retirement " project. Learn a new craft. Do some volunteering with a local charity.

This is what people mean when they say retirement is busier than work.

My dad went part time for ages. Only totally stopped working at around 72. It really was the best thing for him, gave him company, money, stopped him and mum driving each other mad.... Lots of people will suggest voluntary work I expect, but why not get paid?

Thank you for your replies.

I don't have partner now and I don't have any children. I have hobbies such as ancestry, cross stitch, colouring and rock painting.

If I take partial retirement I will still earn the same money now but when I retire fully I will end up with less after taking part of my pension.

If I stay on in the same job after retirement age (which is 67, I will be 64 in November) I will be taxed heavily on my pension which is already happening to someone at my work who is working beyond her retirement age,.

Catch 22 situation.

Then surely you don't retire?? Why do you feel you have to?

Keep working if you want to. One of my colleagues is 73 and showing no sign of retiring any time soon

You sound rightly concerned about finances and what you will be able to afford that brings you pleasure- seeing friends for coffee.

I would recommend having a chat with an independent financial advisor about retirement and how well you are prepared for it. It is only 3 years away so it’s definitely time to start planning for it.

I think a lot of your worries are because you’ve been burying your head in the sand.

Sorry cross post. Part time might be a good compromise. Or another job. Less well paid but social? Cafe work? Shop? No stress but keeps you busy.

Man next door is still working at 72. He says it keeps him young in his mind.
You don't have to retire carry on until you want to finish.

You won't be "heavily taxed on your pension". You will be taxed on your income. If your income (which can be made up of pension income) exceeds the personal allowance, you pay tax on the amount that exceeds it.

If you want to work, being taxed isn't an issue as it has other benefits for you.

Structure, purpose and community is a good way to think about retirement. Plus get good financial advice.

My wish was for us to stop having to work asap, which we achieved, never been busier than the last few years. I work if I want to, which is different to having to and do all sorts of different things plus help quite a lot of people.

Second this. Pension replaces a wage, so it’s taxed the same as a wage for income tax only. You actually pay less taxes overall because no NICs are due on it.

How old are you @citygirl1961 - ah, judging from your user name, a year younger than me.

I thought I'd never be ready to retire but over the last year, I find if we have weekend visitors or go to the theatre/opera at the weekend, I am exhausted the next week. I do ha e a demanding job though, intellectually and emotionally. Add into the mix an 88 year old mother and I'm ready. However, I have been persuaded to reduce to three days a week from the autumn, for another year.

I am looking forward to having time for the garden, to Potter at home, cook more, meet friends in the day time, visit mother every other week. Plus walking, perhaps a book club, a bit of volunteering, etc.

I’d be wary of retiring completely given you rent

Partial retirement is one of the best things in the Civil Service. Do 2.5 days and keep your income up. Ease into retirement.
Why are you fretting about paying tax when you’ll be better off overall?
I am a CS and have colleagues 68-74.

But that said. Retirement needs planning. It’s good you are worrying rather than thinking it will be all one long holiday. Use the next three years to think what you really want to do with your time on earth. If you’re renting that can have a silver lining as you can easily move anywhere.

I will be 64 in November. I don't have a garden to tend to (which I'm glad about really as I'm not green fingered). Unfortunately I no longer have parents as they have both died. I do have a brother and his family however and I do have friends.

But there's only me at home to pay my rent and bills. I do know people in my situation who are retired and have no problems at all but I am an overthinker.

Sounds like you need a spreadsheet. Outgoings and income.

Remember you won't be paying NI or pension contributions out of your income.

@citygirl1961 have you asked for a pension projection? I did before I retired from the Civil Service. It could either solidify your worry about bills, or take away that worry. If it solidifies your worry, you know you have to find some type of work to do. And you've got three years to find it.

my experience was it was the best thing I did, I took actuarialy reduced retirement and had ten wonderful years when I was fit and healthy. I learned to swim when I was 60 and started spending two months a year abroad.

It's not the number of years you've got left after retirement that matters,, it's the number of years when you are healthy enough to enjoy it.